Core Viewpoint - The rise of "pain gold" (also known as "secondary gold jewelry") is attributed to its popularity among young consumers, driven by collaborations with anime and gaming IPs, despite an overall weak gold consumption market [1]. Group 1: Market Trends - "Pain gold" has emerged as a new consumer product that combines gold jewelry with popular two-dimensional IPs, appealing particularly to younger demographics [1]. - The collaboration between Chow Tai Fook and Chiikawa sold out in just two hours, indicating strong demand for these products [1]. - The price of a pendant weighing less than 0.9 grams exceeds 2000 yuan, which is more than double the current gold price of approximately 1000 yuan per gram [1]. Group 2: Consumer Behavior - Gold, previously viewed as a "mom's era asset," has transformed into a trendy social currency among young people [1]. - The fast fashion market is becoming a key stage for young consumers, with low-priced fashion accessories that convey emotional value and creative designs gaining popularity [1]. - Brands like Chao Hong Ji are leveraging popular characters such as Crayon Shin-chan and Doraemon to enhance their visibility on social media, achieving over a billion views [1].